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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
FAIR VALUE MEASUREMENTS |
Schedule of fair value of assets measured at fair value on a recurring basis | Information regarding the fair value of assets measured at fair value on a recurring basis is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Instruments |  | Markets |  | Other |  | Significant
​ | ​ | Measured | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | At Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
September 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Assets |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Securities available for sale |  | ​ |  |  | ​ |  |  | ​ | ​ |  | ​ |
U.S. Treasury securities | ​ | $ | 41,835 | ​ | $ | — | ​ | $ | 41,835 | ​ | $ | —
Obligations of U.S. Government sponsored agencies | ​ |  | 27,780 | ​ |  | — | ​ |  | 27,780 | ​ |  | —
Obligations of states and political subdivisions | ​ |  | 54,121 | ​ |  | — | ​ |  | 54,121 | ​ |  | —
Mortgage-backed securities | ​ | ​ | 35,840 | ​ | ​ | — | ​ | ​ | 35,840 | ​ | ​ | —
Corporate notes | ​ |  | 18,738 | ​ |  | — | ​ |  | 18,738 | ​ |  | —
Certificates of deposit | ​ | ​ | 732 | ​ | ​ | — | ​ | ​ | 732 | ​ | ​ | —
Mortgage servicing rights | ​ |  | 13,733 | ​ |  | — | ​ |  | 13,733 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Assets | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Securities available for sale | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities | ​ | $ | 142,097 | ​ | $ | — | ​ | $ | 142,097 | ​ | $ | —
Obligations of U.S. Government sponsored agencies | ​ |  | 21,749 | ​ |  | — | ​ |  | 21,749 | ​ |  | —
Obligations of states and political subdivisions | ​ |  | 83,186 | ​ |  | — | ​ |  | 83,186 | ​ |  | —
Mortgage-backed securities | ​ | ​ | 36,637 | ​ | ​ | — | ​ | ​ | 36,637 | ​ | ​ | —
Corporate notes | ​ |  | 19,994 | ​ |  | — | ​ |  | 19,994 | ​ |  | —
Certificates of deposit | ​ | ​ | 974 | ​ | ​ | — | ​ | ​ | 974 | ​ | ​ | —
Mortgage servicing rights | ​ |  | 9,582 | ​ |  | — | ​ |  | 9,582 | ​ |  | —
Schedule of fair value of assets measured on a non-recurring basis | Information regarding the fair value of assets measured at fair value on a non-recurring basis is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Quoted Prices |  | ​ | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | In Active | ​ | Significant | ​ | ​ | ​
​ | ​ | Assets | ​ | Markets | ​ | Other | ​ | Significant
​ | ​ | Measured | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | At Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
​ | ​ | Value | ​ | (Level 1) | ​ | (Level 2) | ​ | (Level 3)
September 30, 2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
OREO | ​ | $ | 1,844 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,844
Loans individually evaluated, net of reserve | ​ | ​ | 10,680 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,680
​ | ​ | $ | 12,524 | ​ | $ | — | ​ | $ | — | ​ | $ | 12,524
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
OREO | ​ | $ | 2,520 | ​ | $ | — | ​ | $ | — | ​ | $ | 2,520
Impaired Loans, net of impairment reserve | ​ |  | 3,478 | ​ |  | — | ​ |  | — | ​ |  | 3,478
​ | ​ | $ | 5,998 | ​ | $ | — | ​ | $ | — | ​ | $ | 5,998
Schedule of fair value measurement on inputs and valuation techniques | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Weighted |
​ | ​ | ​ | ​ | Unobservable | ​ | Range of | ​ | Average |
​ | ​ | Valuation Technique | ​ | Inputs | ​ | Discounts |  | Discount | ​
As of September 30, 2023 |  |  |  |  |  |  |  |  | ​
Other real estate owned |  | Third party appraisals, sales contracts or brokered price options |  | Collateral discounts and estimated costs to sell |  | 0 | % | 0 | %
Loans individually evaluated |  | Third party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 0% - 53 | % | 30.9 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2022 |  |  |  |  |  |  |  |  | ​
Other real estate owned |  | Third party appraisals, sales contracts or brokered price options |  | Collateral discounts and estimated costs to sell |  | 0 | % | 0 | %
Impaired loans |  | Third party appraisals and discounted cash flows |  | Collateral discounts and discount rates |  | 0% - 71 | % | 25.5 | %
​
Schedule of carrying value and estimated fair value of financial instruments | The carrying value and estimated fair value of financial instruments at September 30, 2023 and December 31, 2022 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2023 |  | amount |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 75,776 | ​ | $ | 75,776 | ​ | $ | — | ​ | $ | — | ​ | $ | 75,776
Securities held to maturity | ​ |  | 77,154 | ​ |  | — | ​ |  | 74,888 | ​ |  | — | ​ |  | 74,888
Securities available for sale | ​ |  | 179,046 | ​ |  | — | ​ |  | 179,046 | ​ |  | — | ​ |  | 179,046
Loans held for sale | ​ |  | 1,155 | ​ |  | — | ​ |  | — | ​ |  | 1,155 | ​ |  | 1,155
Loans, net | ​ |  | 3,312,145 | ​ |  | — | ​ |  | — | ​ |  | 3,184,002 | ​ |  | 3,184,002
Other investments, at cost | ​ |  | 21,542 | ​ |  | — | ​ |  | — | ​ |  | 21,542 | ​ |  | 21,542
Mortgage servicing rights | ​ |  | 13,733 | ​ |  | — | ​ |  | 13,733 | ​ |  | — | ​ |  | 13,733
Financial liabilities: | ​ | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,398,293 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,072,252 | ​ | $ | 3,072,252
Securities sold under repurchase agreements | ​ |  | 17,191 | ​ |  | — | ​ |  | 17,191 | ​ |  | — | ​ | ​ | 17,191
Notes payable | ​ | ​ | 35,847 | ​ | ​ | — | ​ | ​ | 35,847 | ​ | ​ | — | ​ | ​ | 35,847
Subordinated notes | ​ |  | 23,500 | ​ | ​ | — | ​ | ​ | 23,500 | ​ | ​ | — | ​ | ​ | 23,500
Junior subordinated debentures | ​ | ​ | 10,972 | ​ | ​ | — | ​ | ​ | 10,972 | ​ | ​ | — | ​ | ​ | 10,972
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Carrying |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
December 31, 2022 | ​ | amount | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
Financial assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 119,351 | ​ | $ | 119,351 | ​ | $ | — | ​ | $ | — | ​ | $ | 119,351
Securities held to maturity | ​ |  | 45,097 | ​ |  | — | ​ |  | 43,770 | ​ |  | — | ​ |  | 43,770
Securities available for sale | ​ |  | 304,637 | ​ |  | — | ​ |  | 304,637 | ​ |  | — | ​ |  | 304,637
Loans held for sale | ​ |  | 648 | ​ |  | — | ​ |  | — | ​ |  | 648 | ​ |  | 648
Loans, net | ​ |  | 2,871,298 | ​ |  | — | ​ |  | — | ​ |  | 2,832,454 | ​ |  | 2,832,454
Other investments, at cost | ​ |  | 16,495 | ​ |  | — | ​ |  | — | ​ |  | 16,495 | ​ |  | 16,495
Mortgage servicing rights | ​ |  | 9,582 | ​ |  | — | ​ |  | 9,582 | ​ |  | — | ​ |  | 9,582
Financial liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits | ​ | $ | 3,060,229 | ​ |  | — | ​ |  | — | ​ |  | 2,732,007 | ​ | ​ | 2,732,007
Securities sold under repurchase agreements | ​ | ​ | 97,196 | ​ | ​ | — | ​ | ​ | 97,196 | ​ | ​ | — | ​ | ​ | 97,196
Notes payable | ​ |  | 1,929 | ​ | ​ | — | ​ | ​ | 1,929 | ​ | ​ | — | ​ | ​ | 1,929
Subordinated notes | ​ |  | 23,500 | ​ | ​ | — | ​ | ​ | 23,500 | ​ | ​ | — | ​ | ​ | 23,500

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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